Originally published at www.seclive.com
Morgan Stanley (NYSE:MS) announced its financial results for the fourth fiscal quarter of 2013, reporting a decline in earnings. Earnings this quarter were $181M and $0.07 per share, down from $594M and $0.29 per share a year ago. The reason for such a disparity in earnings is partially explained by the $1.2B in legal fees related to the financial crisis. Excluding the one-time charges, earnings would have been $0.50 per share, beating analyst estimates of $0.45 per share. Morgan Stanley's wealth management and asset management businesses improved the company's performance, with wealth management improving 12% to $3.7B and asset management increasing 7% to $2B. Chairman and CEO James Gorman remarked that the company is addressing issues from the financial crisis but is pleased with the operational performance in fourth quarter.
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